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| Phenolic Resins Market |
The phenolic resins market is estimated to be valued at US$ 16052.98 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Phenolic resins find wide applications in wood adhesives, molding compounds,
laminates, insulation, and friction materials among others. They are commonly
used as wood adhesives in the manufacturing of plywood, particle board, and
fiberboard due to their high heat resistance and bonding strength.
Market Dynamics:
The growth of the market is primarily driven by increasing application of phenolic
resins in wood adhesives. Phenolic resins exhibit excellent adhesion to wood
and resistance to heat, solvents, and pressure. Hence, they are considered as
the most suitable adhesives for manufacturing wood composites like plywood and
particle board. Additionally, rapid urbanization and growing construction
industry globally has increased the demand for wood composites, thereby driving
the phenolic resins market growth. Furthermore, Phenolic resins also find
increasing usage in molding compounds, insulation, friction materials, and
laminates due to their superior properties.
SWOT Analysis
Strength: Phenolic resins have high heat resistance which makes them suitable
for applications requiring high-temperature stability. They also offer good
electrical insulation and fire resistance. Phenolic resins bond well to various
substrates like wood, ceramics, and metals.
Weakness: Phenolic resins emit toxic fumes when burned. They also have a strong
odor during production and processing. Formaldehyde, a hazardous air pollutant,
is used as a resin in most phenolic resins.
Opportunity: Increasing demand for lightweight composites from various end-use
industries like automotive and aerospace provides an opportunity for phenolic
resins. Growing construction industry especially in Asia Pacific also drives
the demand.
Threats: Stringent environmental regulations regarding formaldehyde emissions
pose a threat. Development of bio-based resins may replace petroleum-based
phenolic resins.
Key Takeaways:
The global Phenolic
Resins Market Share is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period,
due to increasing demand from construction and automotive industries. Phenolic
resins are used in various construction applications such as insulating boards,
laminates, moulded products, and coatings & paints. Growth in real estate
and infrastructure sectors is driving the demand.
Regional analysis Asia Pacific dominates the global phenolic resins market and
is expected to grow at the fastest rate during the forecast period. China,
India, and Japan are the major consumers in this region. This is attributed to
expanding construction and automotive industries. Stringent environmental
policies in Europe and North America are prompting market players to develop
eco-friendly phenolic resins with reduced formaldehyde emissions.
Key players operating in the Phenolic Resins market are BASF SE, Chang Chun
Plastics Co. Ltd., Georgia Pacific Chemicals LLC, Kolon Industries Inc.,
Prefere Resins, Mitsui Chemicals Inc., Sumitomo Bakelite Co., Ltd, Hitachi
Chemical Co. Ltd., SI Group, Inc., and Momentive Specialty Chemicals, Inc. The
major players are focusing on new product launches, expansions, mergers and
acquisitions to gain market share. For instance, in 2018, Momentive Specialty
Chemicals acquired the phenolic specialties business of Georgia-Pacific
Chemicals.
Read More,
https://www.trendingwebwire.com/phenolic-resins-market-trends-size-and-share-analysis/
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